President Barry Obama's so-called sector sanctions against Moscow have sparked a renewed surge of the Russian economy.

The Voice of Russia reports that, "Russian President Vladimir Putin expects that Russia’s GDP growth would be higher than it was expected in 2014. "Last year, Russia’s GDP grew by not very much - 1.3%. This is slightly less than the year before, but still there was some growth. I think this year we will reach more significant figures than we predicted in the beginning of this year," Putin said at a meeting with Russian and Austrian business leaders in Vienna on Tuesday, reports Interfax."

Putin is quoted as saying that, "In general, rather good dynamics is being observed in the economy at the present time."

According to the Voice of Russia, "Growth in the industrial sector in the first five months of 2014 reached nearly 2%, and consumer demand grew in the first quarter of 2014 by 3.2%," he said. The World Bank has put Russia among the top three countries regarding the improvement rate of business environment (Russia climbed by 19 points to the 92nd position), Putin said. Russia is the 17th in the world in terms of convenience of property registration and the 10th in terms of contracts enforcement."